(a) To be eligible to receive payment for accelerated study beyond the regular program of study for the academic year, except for part-time awards pursuant to Education Law, section 666, or for Vietnam veterans tuition awards pursuant to Education Law, section 669-a, a student shall:

1. (1) during the regular academic year, be a full-time student matriculated in an approved program in a school or degree-granting institution in this State, unless out-of-state study is approved during the regular academic year; and
2. (2) prior to the term of the application, have earned 24 semester hours, or its equivalent, from such school or institution in the two immediately preceding, consecutive semesters, or their equivalent, provided that for students pursuing a program of study at a degree-granting institution, the 24 semester hours may include the equivalent of three semester hours of remedial course work per semester.

(c) Accelerated study shall denote study which meets the following criteria:

1. (1) The term of study shall be a separately organized term in addition to the regular academic year, with separate registration and separate charge for tuition and fees.
2. (2) Accelerated study shall be accompanied by accelerated tuition charges, so that the total tuition charge upon completion of the accelerated program is comparable to the total tuition charge for the non-accelerated program.